The Fastbrick Robotics Ltd share price has almost doubled in value in a month

The Fastbrick Robotics Ltd (ASX: FBR) share price has continued its strong run and is significantly higher in afternoon trade.

At the time of writing the shares of the company behind the Hadrian X bricklaying robot are up 11% to 20 cents.

This means that its shares have almost doubled in value since this time last month.

What happened?

Fastbrick Robotics shares have been on a tear since it revealed a US$2 million placement of shares with global construction and mining equipment manufacturer Caterpillar Inc. last month.

According to the announcement, the memorandum of understanding (MOU) establishes a strategic alliance board with representatives from both companies.

Ultimately the board intends to develop the framework and consider how best to offer Fastbrick Robotics’ technology to Caterpillar’s construction customers.

The MOU has an initial 12-month term, which may be either extended by mutual written agreement or terminated by either party at any time.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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